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Fairfax Family Law Blog

Virginia Heritage Bank branch office acquired by Cardinal Bank

Cardinal Financial Corporation recently announced that Cardinal Bank, its wholly owned subsidiary, will acquire the Gainesville, Virginia, branch office of Virginia Heritage Bank. Cardinal Financial Corporation, headquartered in Tysons Corner, Virginia, has assets of about $3.28 billion. Cardinal Bank has approximately 31 locations serving the greater Washington, D.C., area.

When the acquisition is complete, Cardinal Bank will take over the Virginia Heritage Bank branch office, which has deposits of about $59 million. The deposit premium is about $195,000. The acquisition will give Cardinal Bank three banking offices in the Manassas city market and Prince William County market area. The agreement to sell the branch bank by EagleBank and Eagle Bancorp Inc. is related to and will follow EagleBank's acquisition of Virginia Heritage Bank, which should be completed by the end of 2014. The acquisition will also require the approval of regulatory authorities.

Ranking the success of Google's aquisitions

Virginia residents are likely aware that Google is one of the leading lights of the information age. The Mountain View company has grown from humble beginnings to become a leader in the technology sector, and acquisitions have played no small part in this growth. Google has acquired 145 companies in the decade since its initial public offering, and some of these moves have paid off handsomely.

Perhaps the most successful of Google acquisitions has been YouTube, which was purchased for $1.65 billion in 2006. The figure raised eyebrows at the time, but YouTube now generates over $5 billion in revenue each year. Acquiring Android in 2005 was another savvy move for the technology giant. Analysts predict that the operating system will power about 80 percent of the smartphones sold in 2014, which allows Google to extend the reach of their search based advertising. Another prudent move by Google was the purchase of DoubleClick in 2007, which allowed the company to expand into display advertising.

Virginia residents could be impacted by acquisitions

Discount stores Dollar General and Dollar Tree are in a fight to acquire Family Dollar in a climate that has seen an increase in mergers and acquisitions. The reasons cited for the rise in such transactions are low interest rates to finance these deals as well as more money being invested in companies through the stock market. In addition, businesses hope that mergers will improve profits in an economy that is still sluggish.

Other major brands that are in merger talks include Chiquita Brands and Electrolux. Chiquita was planning to merge with a company in Ireland but is now being pursued by a pair of companies based in Brazil. Electrolux is reportedly considering a purchase of General Electric's appliance division. Harris Teeter was acquired by Kroger while US Airways merged with American Airlines to become the world's biggest airline.

Family fight over restaurant ownership comes to an end

After four lawsuits were filed, a decision about the ownership of two restaurants in Virginia and North Carolina has been reached. The dispute over who owns two of the four Captain George's Seafood buffet restaurants was reportedly a family feud. According to their attorney, the married couple that opened the establishments is grateful to have resolved the business litigation with their two adult daughters.

A lawsuit that was filed by the two daughters in February alleged that their parents had tried to take gifts of shares in the restaurants back from them. While facing felony charges for gambling in 2013, the father had apparently feared that he would default with SunTrust Bank and lose his restaurants. In an effort to save his business, the father had given shares of the Williamsburg and Outer Banks restaurants to his daughters. The lawsuit claimed that the father then demanded the shares be returned to him when he was only convicted for misdemeanors.

Writing a business plan for a small business in Virginia

A good business plan clearly identifies a business, what it does and how it plans to accomplish its goals. It can be used as a tool for fundraising and establishing a preliminary budget. It identifies the unique aspects of the company, such as its intellectual property, and defines how the business will be able to successfully compete and become profitable.

Good business plans have several things in common. The organization's strategy for competing in a particular field should be laid out in a clear and precise manner that can be easily understood by investors and employees. If one of the main purposes for writing a business plan is fundraising, it must be written in such a way that a potential investor clearly understands how the company will make a profit and makes the investor comfortable with the outlined methodology. It must also demonstrate that the company has the experience and expertise to compete in the field it has chosen. In a sense, it acts as the company's resume and a road map to future success.

Merger might affect homebuyers in Virginia

Zillow has reportedly made a $3.5 billion bid to purchase Trulia, its chief rival. Zillow first launched in the 2004 and went public in 2011 while Trulia went public in 2012. The deal is expected to create a company that is the largest provider of online real estate listings, and estimates suggest that Zillow will be able to attract mobile users who are becoming the fastest growing segment of Internet users.

Both companies generate revenue by selling advertising and by selling subscription services to real estate agents. While both Zillow and Trulia offer similar information to visitors, neither company is worried about customer overlap as nearly half of Trulia users do not visit Zillow. Zillow is best known for its Zestimate, which is an estimate of how much a home may be worth based on a variety of statistics. However, users are cautioned to use that number only as a starting point when shopping for a home.

Startup taxi services sued by competitors

Seven taxi companies filed a lawsuit in Fairfax Circuit Court in Virginia on July 18 claiming that startup companies Uber and Lyft were operating without proper permits. The two companies allow people to download an app and then use that app to request a ride from anyone nearby offering their services through the companies. The majority of the plaintiffs are operated by Stafford Limousine, Inc., which is based in Richmond and operates in the central and northern parts of the state.

A representative from Uber says that the company cannot comment on active litigation, but the company will defend its customers and the rights of its drivers to build their own business. Lyft said that the case was without merit and that it looks forward to resolving it quickly. Both companies say that they are working with state officials to create a regulatory framework that ensures that customers are getting rides from safe and reliable drivers.

Virginia law standardizes farmer rights throughout the state

HB 261 took effect in Virginia on July 1 after being signed into law by Governor Terry McAuliffe. The bill provides protection from regulation for farmers who conduct certain types of operations on their farms. It was created after the controversy that stemmed from a ruling in 2012 by the Fauquier County Board of Supervisors that forced a farmer to stop selling produce that she grew on her own land.

In response to the ban, the farmer decided to donate her produce to make sure that it didn't go to waste. The woman was also required to stop advertising pumpkin carvings on her property and was threatened with a $15,000 per day fine due to a birthday party that she hosted without a permit. Outraged by this decision, an activist group staged a peaceful protest to show support for her.

Cable industry giants seeking mergers and acquisitions

Virginia businesses may be interested in some of the cost issues that cable companies are facing with regard to sports content. These issues may be connected with two high-profile mergers between industry heavyweights already in the works.

On June 22, the U.S. men's national soccer team faced off against Portugal in a World Cup match watched by a greater number of Americans than any other soccer game in history. Estimates show that 25 million tuned in to see the match. However, even as so many were watching their televisions, overall pay television viewership has declined for the first time ever, year-over-year. From 2012 to 2013, around 250,000 fewer people paid for television. Some place the blame on the expensive monthly bills that come with these services. Around 40 percent of that cost, reports say, is attributed to paying for sports content. Live sporting events are one of the reasons that many consumers are hesitant to go without cable television.

Lockheed swoops up another business

Lockheed Martin Corporation, like other defense businesses around the nation, has suffered from a business freeze. However, that could be changing nationally as mergers are now stepping up and acquisitions are increasing. Lockheed participated in another deal in June of this year, the fourth such acquisition in recent months, when it purchased the Fairfax, Virginia, company Zeta Associates, Inc., which has approximately 350 employees.

Lockheed is focusing on the purchase of companies in different industry segments, and instead of integrating these companies, they are continuing to operate independently. However, Lockheed is intentional about its purchases and focusing on markets that are growing. In some cases, it is acquiring businesses in order to take advantage of services the companies provide that Lockheed previously would have had to pay a subcontractor to perform.

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